P2 Solar Acquires Strategic Interest in Advanced Solar Technology

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2010) - P2 Solar, Inc. (the "Company") (OTCBB:PTOS) is pleased to announce that it has acquired a 34% strategic interest in the advanced solar panel technology developed by Darry Boyd (the "Developer"). The worldwide intellectual property rights associated with this technology have been transferred to a newly incorporated company, Solarise Power, Inc. ("Solarise"), in which P2 Solar has joint control of the Board of Directors and management affairs.

This acquisition represents a significant advancement in the relationship between the Company and the Developer, wherein P2 Solar will now play an integral part in the technology's deployment in exchange for a direct equity interest. Previously, P2 Solar held license and manufacturing rights for India, Canada and the state of Hawaii.

Under the acquisition agreement, P2 Solar acquired 1,004,999 shares of common stock of Solarise for a total purchase price of $2,500,000 paid as follows: i) Cash in the amount of $250,000 ii) The issuance to Solarise of 1,000,000 Series "A" Non-Voting Convertible Preferred shares of P2 Solar valued at $2.25 million. The 1,004,999 shares of Solarise, Inc. common stock that P2 acquired represent approximately 34% of the issued and outstanding shares of Solarise.

Mr. Raj-Mohinder Gurm, CEO of P2 Solar, Inc. said, "By expanding our involvement in the development of the technology, we are in a position to significantly advance this exciting and revolutionary solar panel. We hope this move will significantly benefit our shareholders, and I want to thank them for their patience."